A Shorter Slams Lehman

Hedge Player Finds
Worrying Factors;
Jitters Over Results

With Lehman Brothers Holdings' second quarter set to close next week, the Wall Street firm can't seem to put questions about its fiscal first quarter behind it.

Back in mid-March when the bank reported, Bear Stearns had collapsed the day before and Lehman was in the market's cross hairs. Lehman posted a $489 million profit, calming investors. But ever since then, investors have questioned those numbers, asking whether the profit was...